Craftsman Automation (CRAFTSMAN) Q4 21/22 earnings summary

Executive summary

• FY22 delivered record standalone operating revenue of ₹2,206 crore, up 43% YoY; EBITDA rose 20% to ₹539 crore and PAT increased 66% to ₹160 crore.

• Growth contributions came from all three segments; storage solutions scaled rapidly, while new automotive and industrial orders broadened customer and end-market exposure.

Financial highlights

• Standalone operating revenue was ₹2,206.43 crore vs ₹1,546.29 crore; EBITDA ₹538.58 crore vs ₹447.25 crore; PAT ₹160.45 crore vs ₹96.76 crore.

• Consolidated revenue was ₹2,217.02 crore vs ₹1,559.95 crore; EBITDA ₹541.94 crore vs ₹448.49 crore; PAT ₹163.09 crore vs ₹97.36 crore.

• Standalone PBT increased 68% YoY to ₹248 crore; consolidated PBT was ₹251.73 crore vs ₹148.76 crore.

• Standalone EPS was ₹75.94 vs ₹48.02; consolidated EPS was ₹77.19 vs ₹48.32.

• Capex was ₹227 crore, directed to technology upgrades, emerging opportunities and maintenance.

Outlook and guidance

• Domestic MHCV volumes are projected to grow at 28% CAGR over FY21–FY25E, with FY25E volumes expected to exceed the FY19 peak.

• FY23 supplies are expected from new powertrain orders, including bogey brackets, carrier-housing parts, off-highway machining and tractor components; Nagpur unit operations were targeted for FY23.

• Aluminium growth is expected from PV, CV and EV orders; some 2W EV supplies were expected to begin in FY24.

• Priorities include debt reduction, sustaining EBITDA, higher value addition, aluminium profitability, storage growth and increasing non-automotive business share.